Saipem Posts Mixed 4Q as Settlement Provision Weighs on Profits
Saipem reported mixed fourth-quarter results, with revenue up 10% sequentially but adjusted operating margins falling to 4.7% from 7.2%. Our fair value estimate and no-moat rating are unchanged.The top-line improvement was driven by the onshore engineering and construction segment, which posted a 24% sequential revenue increase as the strong order flow of the previous four quarters (with an average book/bill of 1.38) materialized as increased project work. The bottom-line decrease was due to th...
Saipem is a global contractor with local presence in Africa, Central Asia, America, the Middle East and South East Asia. Co. provides engineering, procurement, construction and installation services; and engineering, procurement and construction services to the oil and gas industry, both onshore and offshore, with a focus on projects, including activities in remote areas, in deep waters and on projects that involve difficult gas or crude supplies.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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